As a member of the Coalition to Protect Retirement (CPR), The ESOP Association recently signed on to a group letter that was sent to the Senate Finance Committee’s Savings and Investment Working Group. The letter commended the Finance Committee for their work to reform the tax code and noted that “Congress should encourage retirement savings for American workers though the preservation of current tax incentives.”

The mission of the CPR is to encourage and support retirement savings for American workers through the preservation of tax incentives critical to American workers’ retirement security. The Association is one of ten members of the Coalition.

In addition to the letter from the CPR, the Association, as a member of the Retirement Savings Network, signed on to another letter that will be sent to the Working Group on Savings and Investment as well. The letter notes that “Eliminating or diminishing the current tax treatment of employer-provided retirement plans and individual savings arrangements would jeopardize the retirement security of tens of millions of American workers, impact the role of retirement assets in the capital markets, and create challenges in maintaining the quality of life for future generations of retirees.”

As noted earlier on this blog, The ESOP Association also submitted comments to Senate Working Groups regarding comprehensive tax reform.

On March 25, 2015, The ESOP Association submitted comments on comprehensive tax reform to three of the Senate Committee on Finance’s Tax Reform Working Groups: Savings & Investment, Individual Income Tax, and Business Income Tax. The Association specifically stated how employee stock ownership plans (ESOPs) are in accord with the seven principles outlined by Finance Committee Chair Orrin Hatch (R-UT) for comprehensive tax reform — Economic Growth, Fairness, Simplicity, Permanence, Competitiveness, Promoting Savings and Investments, and Revenue Neutrality.

As noted by ESOP Association President, J. Michael Keeling: “Current ESOP tax policy should be viewed with objectivity and considered fairly during the process. As ESOPs meet, and exceed, the seven principles outlined by Senator Hatch for comprehensive tax reform, we feel it is reasonable to ask that ESOP laws to promote the creation and operation of employee-owned companies be preserved, and expanded.” He went on to say, “Research proves that employee-owned companies provide more sustainable employment and preserve locally-controlled jobs in today’s global economy. We need to encourage broad-based, inclusive capitalism and increase employee ownership to ensure sustainable employment for U.S. workers, and more income for average pay employee owners.”

As noted by ESOP Association President, J. Michael Keeling: “Current ESOP tax policy should be viewed with objectivity and considered fairly during the process. As ESOPs meet, and exceed, the seven principles outlined by Senator Hatch for comprehensive tax reform, we feel it is reasonable to ask that ESOP laws to promote the creation and operation of employee-owned companies be preserved, and expanded.” He went on to say, “Research proves that employee-owned companies provide more sustainable employment and preserve locally-controlled jobs in today’s global economy. We need to encourage broad-based, inclusive capitalism and increase employee ownership to ensure sustainable employment for U.S. workers, and more income for average pay employee owners.”

The ESOP Association is the national trade association for companies with employee stock ownership plans (ESOPs) and the leading voice in America for employee ownership. The core cause of The ESOP Association is the belief that employee ownership will improve American competitiveness, increase productivity through greater employee participation, and strengthen our free enterprise economy. More information: website – www.esopassociation.org and blog – www.esopassociationblog.org.

The ESOP Association Submits Comments to the Senate Committee on Finance’s Tax Reform Working Group Regarding Comprehensive Tax Reform

February 19, 2015 (Washington, DC) – On February 18, 2015, The ESOP Association submitted comments to the Senate Committee on Finance regarding tax reform, specifically stating how employee stock ownership plans (ESOPs) are spot on with the first six principles outlined by Finance Committee Chair Orrin Hatch (R-UT) for comprehensive tax reform, and arguably exceeding the seventh principle. The statement was directed to Senator Mike Crapo (R-ID) and Senator Sherrod Brown (D-OH), Chair and Ranking member of the Tax Reform Working Group on Savings & Investment.

As noted by ESOP Association President, J. Michael Keeling: “I ask only two things of the Committee members — for current ESOP tax policy to be viewed with objectivity and to be considered fairly during the process. As ESOPs meet, and exceed, the seven principles outlined by Senator Hatch for comprehensive tax reform (Economic Growth, Fairness, Simplicity, Permanence, Competitiveness, Promoting Savings and Investments, and Revenue Neutrality) we feel it is reasonable to ask that ESOP laws to promote the creation and operation of employee-owned companies be preserved.”

The ESOP Association is the national trade association for companies with employee stock ownership plans (ESOPs) and the leading voice in America for employee ownership. The core cause of The ESOP Association is the belief that employee ownership will improve American competitiveness, increase productivity through greater employee participation, and strengthen our free enterprise economy. More information: website – www.esopassociation.org and blog – www.esopassociationblog.org.

It’s hard to believe it is September already. We thought we’d get out the crystal ball and see what the future holds for ESOP Association members this month.

The 2013 Las Vegas Conference & Trade Show app will be released in the coming weeks. Keep an eye on this space for links. Also, speaking of Vegas, the early bird registration ends on September 20th. If you’re joining us, or planning to, here’s where you’ll find information including: online registration (conference and hotel), trade show booth signup form, and a preliminary agenda which includes info on the new educational track for in-house ESOP trustees.

October is Employee Ownership Month! We’ll be starting off the celebration early on the blog with some re-caps of 2012 celebrations. If your company is planning an event this year, let us know and we’ll highlight your event here. Drop us an email at media AT esopassociation.org with details. Don’t forget the photos!

The Economic Performance Survey results are being tabulated. We’ll have the results from the 22nd Annual Survey soon and report back on the economic performance of employee owned companies in 2012.

Tax reform — we’re doing our best to keep members up-to-date on a monthly basis. We’ll have another report very soon. Stay tuned. If you’d like to catch-up, our YouTube page has the most recent updates.

The ESOP Association, as a member of the Coalition to Protect Retirement and the Retirement Savings Network, recently signed onto two respective letters, along with other employer sponsored benefit organizations, that ask members of the Senate to preserve the tax incentives which encourage American workers to save for retirement while considering tax reform. The letters were sent to all members of the U.S. Senate.

“It’s important for the ESOP community to continue to work to maintain positive relationships and cooperate with other trade groups interested in preserving sound and productive retirement savings plans as encouraged by tax law,” said ESOP Association President, J. Michael Keeling.